BP Acquires 300MW Solar Power Project

BP announced the acquisition of a 300MW project portfolio in Zaragoza, Spain, to enter the Spanish solar market. The company is one of Europe's leading solar developers and has acquired the portfolio from renewable energy developer Forestalia.

According to Lightsource BP, the “substantial” acquisition marks a “great advancement” in the company's vision, less than a year after the company first established its business in the booming Iberian solar market.

Since then, the company has stated that it has been seeking to work with local partners to gain a foothold in the country's market. While LightsourceBP is still focused on developing green space, it said it would be “critical” to acquire a license-ready project such as Forestalia to accelerate market growth.

The 300MW product portfolio consists of six separate sites, all located in the province of Zaragoza in northeastern Spain. All six sites will be funded by Lightsource BP, which will negotiate a power purchase agreement with the local entity.

Nick Boyle, chief executive of Lightsource BP, said the acquisition not only marks the company's first foray into Spain, but also marks a milestone in its efforts to achieve 10 GW of global solar deployment by 2023.

“With our unique capabilities and extensive project experience and global supply chain optimization, the development of these approved plants will enable us to establish a presence in the Iberian market and provide safe and reliable business and utility customers in the region. Renewable energy," Boyle said.

Lightsource BP, originally associated with the UK market, began its global expansion after BP acquired a minority stake in the company two years ago.

Editor: Kiko Lee

E-mail: kiko@wanhos.com